Designed and built in the country, the bank wants to be number one for PFM via a tool that “delivers users one number giving a daily spend that adapts in real-time”.

To explain this “one number”, Free2Spend first asks users to set goals, whether they’re saving for a wedding, investment property, holiday etc. Users then input income and fixed expenses, with the tool then using these figures to calculate the daily Free2Spend number or one number.

For example, if you’re saving for a $20,000 car, and you have a monthly income of $5,000 with monthly expenses like rent, utilities and bills of $2,500, Free2Spend will take these into consideration to provide a unique daily spend figure for the month (or the chosen pay cycle).

UBank CEO Lee Hatton says: “Australians have become confused by hundreds of numbers in their lives, from apps to bills to bank statements to even the money in their back pocket. Free2Spend will change that forever, designed to take the stress and guesswork out of personal finance.”

The bank adds that whether users overspend or underspend, the app will automatically adjust the one number for the rest of the month.

In terms of the idea, the bank says it was inspired by the “simplicity and functionality” of fitness trackers.

UBank was launched in 2008 and was developed and is supported by National Australia Bank (NAB). It operates under NAB’s banking licence, and offers home loans, online savings accounts, and term deposit accounts. UBank has more than 400,000 customers.

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